9 AAC 12.060. Paid solicitors: surety bond

A paid solicitor who, under the written contract required by AS 45.68.020 , passes along less than 60 percent of gross funds raised to the charitable organization shall file a $10,000 surety bond with the department. Paid solicitors who pass along 60 percent or more of gross funds raised are not required to file a surety bond. A paid solicitor's surety bond must be on the following form:

PAID SOLICITOR FOR CHARITABLE ORGANIZATIONS

Ten Thousand Dollar Surety Bond (as required by AS 45.68.010 ) The principal and surety agree and acknowledge that they are held and bound unto the STATE OF ALASKA in the penal sum of Ten Thousand Dollars ($10,000) for the payment of which sum, principal and surety bind themselves and their respective heirs, executors, administrators, successors, and assigns jointly and severally. The condition of this obligation is that the principal is a registered paid solicitor for charitable organizations in the State of Alaska, or intends to timely file application for registration with the Alaska Department of Law, under AS 45.68.010 . A condition of registration of principal as a paid solicitor for charitable organizations in Alaska is the furnishing of this bond in the sum of $10,000 with good and sufficient surety. This bond inures to the Alaska Department of Law for the benefit of the State of Alaska and to any person or entity which may have a cause of action against the principal for any malfeasance or misfeasance in the conduct of solicitation activities by the principal and its members, officers, employees, subsidiaries, and subcontractors. If the principal faithfully performs all obligations and requirements imposed under AS 45.68 and 9 AAC 12.010 - 9 AAC 12.900 in the conduct of the principal's business as a paid solicitor for charitable organizations, this bond obligation is discharged and void. Otherwise, the bond obligation will remain in effect. The bond obligation is a continuing obligation, and the liability of the surety for any and all claims presented does not exceed the penal sum of $10,000. This bond is applicable to the registration period commencing September 1, _____________ .The bond continues in effect, unless no less than 45 days before the surety's cancellation of this bond, the Alaska Department of Law is notified of the cancellation. DONE AND SIGNED THIS __________ DAY OF __________, 19 ____. ____________________________ ________________________________ PRINCIPAL SURETY (must be authorized (name of person or entity) to do business as a surety com- pany in the State of Alaska) ____________________________ ________________________________ If applicable, name under which Business address of surety business is transacted. ____________________________ ________________________________ Signature of officer (bond must Business telephone no. of be signed by partner, if partner- surety ship; owner, if proprietorship; president, vice president or secretary if corporation) ____________________________ (signature of officer) ____________________________ (printed name)

History: Eff. 3/19/94, Register 129

Authority: AS 45.68.010

AS 45.68.080

AS 45.68.130

Editor's note: The address for filing paid solicitor surety bonds or obtaining information about those bonds is the Alaska Department of Law, Fair Business Practices Section, 1031 West 4th Avenue, Suite 200, Anchorage, Alaska 99501-1994.

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.